Gold prices fall slightly in U.S. on upbeat Fed

  02 February 2017    Read: 1338
Gold prices fall slightly in U.S. on upbeat Fed
Gold prices fell slightly in the U.S. on Wednesday with investors noting upbeat language from the Fed in the latest policy review signaling rate hikes remain on track.
Gold Futures for April delivery on the Comex division of the New York Mercantile Exchange eased 0.08% to $1,210.40 a troy ounce.

The Federal Reserve held its fire on interest rates as widely expected on Wednesday, but was optimistic on the outlook for the economy in keeping its benchmark overnight lending rate target at 0.5% to 0.75% following a 25 basis point hike in December.

“Measures of consumer and business sentiment have improved of late,” the committee said in its statement, using new language that jibes with voices on Wall Street following the election of Donald Trump as president.

“Job gains remained solid and the unemployment rate stayed near its recent low,” the statement said, reflecting just a minor tweak from language at the December meeting.

As well, payroll processing firm ADP said non-farm private employment rose by 246,000 last month, easily surpassing forecasts for an increase of 165,000.

Elsewhere in metals trading, copper futures dipped 0.49% to $2.217 a pound with investors watching developments surrounding a strike by workers in Chile at the world`s largest mine.

More about: